Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,041/mo
Lowest payment- Down payment
- $129,473
- Funds due
- $140,365
- Interest + MI left
- $169,059
- First ends
- May 2049
Assumption
Assumption + second
$2,782/mo
+$740/mo- Down payment
- $37,473
- Funds due
- $49,684
- Interest + MI left
- $343,550
- First ends
- May 2049
New loan
New conventional
$2,729/mo
+$688/mo- Down payment
- $37,473
- Funds due
- $46,295
- Interest + MI left
- $473,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,527 | $235,527 | $327,527 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,386.49 | $1,386.49 | $2,203.30 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $194.74 | $194.74 | $65.51 |
| Taxes, insurance & HOA | $460.25 | $460.25 | $460.25 |
| Total housing payment | $2,041.48 | $2,781.74 | $2,729.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,473
Closing costs & prepaids$12,210
Usable credit−$0
Total buyer cash needed$49,684
Earnest money paid−$0
Remaining funds due$49,684
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$930.75
Prepaid interest, first (3 days)$86.34
Prepaid interest, second (3 days)$68.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing22 yr 5 moOf the original 30-year loan at 4.46%
Interest already paid$86,769Through Dec 2026
Assumption only · ends May 2049$169,059
Assumption + second · ends May 2049, second Jan 2057$343,550
New conventional · ends Jan 2057$473,192